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Loft Board pays attention

Today the Loft Board was scheduled to take a vote on a proposed “interim rent guidelines” schedule (Draft Amendment 29 RCNY § 2-06.2 Interim Rent Guidelines). These increases would be in addition to the 6/8/6% already built into the system

The Loft Law mandates that some sort of rent increase be applied to tenants whose rent has not gone up for 3 years before the passage of the law (June 20, 2010), but the Loft Board decides what the rates will be.
The rates up for a vote were:

6.5% if your rent had not changed since 2008

12.25% if your rent had not changed since 2005

17.75% if your rent had not changed since 2002

These increases would potentially be added to the 6/8/6% raises that are already part of the legalization process. The percentages were said to be based upon those dictated by the Rent Guidelines Board, which oversees rent stabilized buildings. Thing is, rent stabilized buildings are functioning buildings: up to code and well-maintained. They cannot be full of leaks, have an empty elevator shaft or have heat pipes that explode every winter (just to name a few deficits in my building).

Ridiculous, you say? I can’t pay that, you say?

Well… the tenant, artist, and landlord (?!) representatives on the Board objected too. The rule has been tabled (put on hold) until the Board hears from some housing policy “experts” (Rent Guidelines Board, others) and members of the public.

I will bet that the crowd of tenants in attendance today made these guys sit up and pay attention.

Thanks to everyone who showed up and sat through the bureaucratic molasses.

Next Loft Board meeting in two weeks: October 20. Be there and keep their attention!